Dolan Company's accounting records reflect the following inventories: Dec. 31, 2020 Dec. 31, 2019 Raw materials inventory 310,000 260,000 Work in process inventory 300,000 160,000 Finished goods inventory 190,000 150,000 During 2020, 800,000 of raw materials were purchased, direct labor costs amounted to 670,000, and manufacturing overhead incurred was 640,000. Assume Dolan Company's cost of goods manufactured for 2020 amounted to 1,890,000. Its cost of goods sold for the year is 2,000,000. 1,750,000. 1,850,000. 1,930,000 .